Toronto Dominion Bank Raises Stake in Eastman Chemical (NYSE:EMN)

Toronto Dominion Bank grew its holdings in shares of Eastman Chemical (NYSE:EMN - Free Report) by 58.3% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 62,137 shares of the basic materials company's stock after purchasing an additional 22,893 shares during the quarter. Toronto Dominion Bank owned approximately 0.05% of Eastman Chemical worth $5,674,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vise Technologies Inc. bought a new position in Eastman Chemical in the 4th quarter worth approximately $203,000. Orion Capital Management LLC bought a new position in Eastman Chemical in the 4th quarter worth approximately $47,000. Principal Street Partners LLC boosted its stake in Eastman Chemical by 1.0% in the 4th quarter. Principal Street Partners LLC now owns 61,113 shares of the basic materials company's stock worth $5,581,000 after purchasing an additional 611 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Eastman Chemical by 23.4% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 582,171 shares of the basic materials company's stock worth $53,164,000 after purchasing an additional 110,430 shares during the period. Finally, Worldquant Millennium Advisors LLC boosted its position in shares of Eastman Chemical by 96.6% during the 4th quarter. Worldquant Millennium Advisors LLC now owns 15,591 shares of the basic materials company's stock valued at $1,424,000 after acquiring an additional 7,660 shares during the last quarter. 83.65% of the stock is owned by hedge funds and other institutional investors.

Eastman Chemical Stock Performance

EMN stock traded down $3.14 during trading on Friday, hitting $78.36. 9,704,158 shares of the company traded hands, compared to its average volume of 1,137,584. The company has a market cap of $9.05 billion, a PE ratio of 10.20, a P/E/G ratio of 1.22 and a beta of 1.29. Eastman Chemical has a 1 year low of $70.90 and a 1 year high of $114.50. The stock's 50-day simple moving average is $79.76 and its 200 day simple moving average is $90.47. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.51 and a quick ratio of 0.78.

Eastman Chemical (NYSE:EMN - Get Free Report) last posted its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.91 EPS for the quarter, beating analysts' consensus estimates of $1.89 by $0.02. The business had revenue of $2.29 billion during the quarter, compared to analysts' expectations of $2.35 billion. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. The business's revenue was down .9% compared to the same quarter last year. During the same period in the previous year, the business earned $1.61 earnings per share. On average, equities analysts expect that Eastman Chemical will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 8th. Stockholders of record on Friday, June 13th will be given a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a dividend yield of 4.24%. The ex-dividend date is Friday, June 13th. Eastman Chemical's dividend payout ratio (DPR) is presently 42.24%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on EMN. JPMorgan Chase & Co. restated a "neutral" rating and set a $76.00 price target (down previously from $112.00) on shares of Eastman Chemical in a report on Monday, April 28th. Wells Fargo & Company cut their price target on Eastman Chemical from $125.00 to $90.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 9th. KeyCorp dropped their price objective on Eastman Chemical from $120.00 to $106.00 and set an "overweight" rating on the stock in a research report on Monday, April 28th. Wall Street Zen downgraded Eastman Chemical from a "buy" rating to a "hold" rating in a report on Monday, April 28th. Finally, Royal Bank of Canada raised Eastman Chemical from a "sector perform" rating to an "outperform" rating and set a $91.00 target price for the company in a report on Wednesday, April 9th. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat.com, Eastman Chemical currently has an average rating of "Moderate Buy" and a consensus price target of $98.54.

About Eastman Chemical

Eastman Chemical Company operates as a specialty materials company in the United States, China, and internationally. The company's Additives & Functional Products segment offers amine derivative-based building blocks, intermediates for surfactants, metam-based soil fumigants, and organic acid-based solutions; specialty coalescent and solvents, paint additives, and specialty polymers; and heat transfer and aviation fluids.